April 2, 1880 – Senator Blanche K. Bruce introduces an official Report from the Select Committee on the Freedman’s Savings and Trust Company.

Senator Bruce, a former slave who had become the first African American to serve a full term in the U.S. Senate, was the Chair for the Select Committee on the Freedman’s Savings and Trust Company which was established to investigate abuses within the bank.

Senator Bruce introduced legislation that would have compensated depositors for their lost and stolen funds – primarily because depositors had been told that the government would guarantee their savings – but Congress refused to support the effort.